MyCRA Specialist Credit Repair Lawyers

Tag: defaults

  • One Week MyCRA Lawyers Mega Sale – 3rd to 11th September 2015 ONLY

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    Are You One Of The Up To ¹91.7% Of People We Can Help To Erase Your Bad Credit Rating So You Can Get Lower Interest Rates And Better Finance Offers – Keep Reading To Find Out How You Qualify…

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    For the first time ever, you can now get your credit rating repaired from the mega low price of just
    ²$EXPIRED all up – Fixed Fee ³No More To Pay!

    [/fusion_text][/fusion_builder_column][fusion_builder_column type=”1_3″ layout=”1_3″ last=”no” spacing=”yes” center_content=”no” hide_on_mobile=”no” background_color=”” background_image=”” background_repeat=”no-repeat” background_position=”left top” border_position=”all” border_size=”0px” border_color=”” border_style=”” padding=”” margin_top=”” margin_bottom=”” animation_type=”” animation_direction=”” animation_speed=”0.1″ class=”” id=”” min_height=”” hover_type=”none” link=””][fusion_imageframe lightbox=”no” style_type=”none” hover_type=”none” bordersize=”0px” borderradius=”0″ align=”right” linktarget=”_self” animation_type=”0″ animation_direction=”right” animation_speed=”0.1″ hide_on_mobile=”no”] [/fusion_imageframe][/fusion_builder_column][fusion_builder_column type=”2_3″ layout=”2_3″ last=”yes” spacing=”yes” center_content=”no” hide_on_mobile=”no” background_color=”” background_image=”” background_repeat=”no-repeat” background_position=”left top” border_position=”all” border_size=”0px” border_color=”” border_style=”” padding=”” margin_top=”” margin_bottom=”” animation_type=”” animation_direction=”” animation_speed=”0.1″ class=”” id=”” min_height=”” hover_type=”none” link=””][fusion_text]

    • And you get it done by a Law Firm specialising in Credit reporting Legislation.
    • ³And you get your credit rating cleaned in as little as 18 minutes.
    • And because you have chosen this incredible ²$EXPIRED FIXED FEE – If the process takes a little longer – you pay nothing more.

    [/fusion_text][/fusion_builder_column][fusion_builder_column type=”1_1″ layout=”1_1″ last=”yes” spacing=”yes” center_content=”no” hide_on_mobile=”no” background_color=”” background_image=”” background_repeat=”no-repeat” background_position=”left top” border_position=”all” border_size=”0px” border_color=”” border_style=”” padding=”” margin_top=”” margin_bottom=”” animation_type=”” animation_direction=”” animation_speed=”0.1″ class=”” id=”” min_height=”” hover_type=”none” link=””][fusion_text]If you know you have a bad credit rating, and you know you want the embarrassment over so you can move on with your life, then you know now is the right time to choose MyCRA Lawyers to fix your credit rating now so you can apply for your finance now.

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    Call Now To Ask If You Qualify

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    Pick up the phone right now and call MyCRA Expert Credit Repair Lawyers on 1300-667-218 before time runs out!

    This Strictly Limited Offer ENDS 5pm QLD time on Friday the 11th of September 2015

    [/fusion_text][/fusion_builder_column][fusion_builder_column type=”2_5″ layout=”2_5″ last=”yes” spacing=”yes” center_content=”no” hide_on_mobile=”no” background_color=”” background_image=”” background_repeat=”no-repeat” background_position=”left top” border_position=”all” border_size=”0px” border_color=”” border_style=”” padding=”” margin_top=”” margin_bottom=”” animation_type=”” animation_direction=”” animation_speed=”0.1″ class=”” id=”” min_height=”” hover_type=”none” link=””][fusion_imageframe lightbox=”no” style_type=”none” hover_type=”liftup” bordersize=”0px” borderradius=”0″ align=”none” linktarget=”_self” animation_type=”0″ animation_direction=”down” animation_speed=”0.1″ hide_on_mobile=”no”] [/fusion_imageframe][/fusion_builder_column][fusion_builder_column type=”1_5″ layout=”1_5″ last=”no” spacing=”yes” center_content=”no” hide_on_mobile=”no” background_color=”” background_image=”” background_repeat=”no-repeat” background_position=”left top” border_position=”all” border_size=”0px” border_color=”” border_style=”” padding=”” margin_top=”” margin_bottom=”” animation_type=”” animation_direction=”” animation_speed=”0.1″ class=”” id=”” element_content=”” min_height=”” hover_type=”none” link=””][/fusion_builder_column][fusion_builder_column type=”3_5″ layout=”3_5″ last=”no” spacing=”yes” center_content=”no” hide_on_mobile=”no” background_color=”” background_image=”” background_repeat=”no-repeat” background_position=”left top” border_position=”all” border_size=”0px” border_color=”” border_style=”” padding=”” margin_top=”” margin_bottom=”” animation_type=”” animation_direction=”” animation_speed=”0.1″ class=”” id=”” min_height=”” hover_type=”none” link=””][fusion_youtube id=”d9l1gZdKH8o” width=”600″ height=”350″ autoplay=”no” api_params=”&rel=0″ /][fusion_youtube id=”IqpzU7PYoIE” width=”600″ height=”350″ autoplay=”no” api_params=”&rel=0″ /][fusion_youtube id=”h367Ie2oY3I” width=”600″ height=”350″ autoplay=”no” api_params=”&rel=0″ /][fusion_youtube id=”aTPTRhaguvs” width=”600″ height=”350″ autoplay=”no” api_params=”&rel=0 ” /][fusion_youtube id=”ch0Wb7uL2QM” width=”600″ height=”350″ autoplay=”no” api_params=”&rel=0″ /][fusion_youtube id=”lXWWL1rj-FU” width=”600″ height=”350″ autoplay=”no” api_params=”&rel=0″ /][fusion_youtube id=”1H6BzcOwcmw” width=”600″ height=”350″ autoplay=”no” api_params=”&rel=0″ /][/fusion_builder_column][fusion_builder_column type=”1_5″ layout=”1_5″ last=”yes” spacing=”yes” center_content=”no” hide_on_mobile=”no” background_color=”” background_image=”” background_repeat=”no-repeat” background_position=”left top” border_position=”all” border_size=”0px” border_color=”” border_style=”” padding=”” margin_top=”” margin_bottom=”” animation_type=”” animation_direction=”” animation_speed=”0.1″ class=”” id=”” element_content=”” min_height=”” hover_type=”none” link=””][/fusion_builder_column][fusion_builder_column type=”2_5″ layout=”2_5″ last=”no” spacing=”yes” center_content=”no” hide_on_mobile=”no” background_color=”” background_image=”” background_repeat=”no-repeat” background_position=”left top” border_position=”all” border_size=”0px” border_color=”” border_style=”” padding=”” margin_top=”” margin_bottom=”” animation_type=”” animation_direction=”” animation_speed=”0.1″ class=”” id=”” min_height=”” hover_type=”none” link=””][fusion_imageframe lightbox=”no” style_type=”none” hover_type=”liftup” bordersize=”0px” borderradius=”0″ align=”none” linktarget=”_self” animation_type=”0″ animation_direction=”down” animation_speed=”0.1″ hide_on_mobile=”no”] [/fusion_imageframe][/fusion_builder_column][fusion_builder_column type=”3_5″ layout=”3_5″ last=”yes” spacing=”yes” center_content=”no” hide_on_mobile=”no” background_color=”” background_image=”” background_repeat=”no-repeat” background_position=”left top” border_position=”all” border_size=”0px” border_color=”” border_style=”” padding=”” margin_top=”” margin_bottom=”” animation_type=”” animation_direction=”” animation_speed=”0.1″ class=”” id=”” min_height=”” hover_type=”none” link=””][fusion_text]

     

     

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    Pick up the phone right now and call MyCRA Expert Credit Repair Lawyers on 1300-667-218 before time runs out!

    This Strictly Limited Offer ENDS 5pm QLD time on Friday the 11th of September 2015

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    Call Now To Ask If You Qualify

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    ²$EXPIRED per listing that qualifies  – call MyCRA Lawyers on 1300-667-218 to discover if you qualify.
    ¹Up to 91.7% success is based on consumer default listings and past results are no indication of future performance.
    ³Conditions Apply – call for details – Not available on all products or on all default types or creditors -must stay within the scope for that particular default as included with our client agreement – can not be combined with any other offer without prior written consent.

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  • TESTIMONIAL: Dr Kamal Zgheib Thanks MyCRA Lawyers For Erasing His Bad Credit

    [fusion_builder_container background_color=”” background_image=”” background_parallax=”none” enable_mobile=”no” parallax_speed=”0.3″ background_repeat=”no-repeat” background_position=”left top” video_url=”” video_aspect_ratio=”16:9″ video_webm=”” video_mp4=”” video_ogv=”” video_preview_image=”” overlay_color=”” overlay_opacity=”0.5″ video_mute=”yes” video_loop=”yes” fade=”no” border_size=”0px” border_color=”” border_style=”” padding_top=”20″ padding_bottom=”20″ padding_left=”0″ padding_right=”0″ hundred_percent=”no” equal_height_columns=”no” hide_on_mobile=”no” menu_anchor=”” class=”” id=””][fusion_builder_row][fusion_builder_column type=”1_1″ background_position=”left top” background_color=”” border_size=”” border_color=”” border_style=”solid” spacing=”yes” background_image=”” background_repeat=”no-repeat” padding=”” margin_top=”0px” margin_bottom=”0px” class=”” id=”” animation_type=”” animation_speed=”0.3″ animation_direction=”left” hide_on_mobile=”no” center_content=”no” min_height=”none”][fusion_text]Dr Kamal Zgheib had a default that was proven to be placed unlawfully and was then removed in less than a month.

    Click the video below now.[/fusion_text][/fusion_builder_column][/fusion_builder_row][/fusion_builder_container][fusion_builder_container background_color=”” background_image=”” background_parallax=”none” enable_mobile=”no” parallax_speed=”0.3″ background_repeat=”no-repeat” background_position=”left top” video_url=”” video_aspect_ratio=”16:9″ video_webm=”” video_mp4=”” video_ogv=”” video_preview_image=”” overlay_color=”” overlay_opacity=”0.5″ video_mute=”yes” video_loop=”yes” fade=”no” border_size=”0px” border_color=”” border_style=”” padding_top=”20″ padding_bottom=”20″ padding_left=”0″ padding_right=”0″ hundred_percent=”no” equal_height_columns=”no” hide_on_mobile=”no” menu_anchor=”” class=”” id=””][fusion_builder_row][fusion_builder_column type=”1_1″ background_position=”left top” background_color=”” border_size=”” border_color=”” border_style=”solid” spacing=”yes” background_image=”” background_repeat=”no-repeat” padding=”” margin_top=”0px” margin_bottom=”0px” class=”” id=”” animation_type=”” animation_speed=”0.3″ animation_direction=”left” hide_on_mobile=”no” center_content=”no” min_height=”none”][fusion_youtube id=”lXWWL1rj-FU” width=”600″ height=”350″ autoplay=”no” api_params=”” class=””/][/fusion_builder_column][/fusion_builder_row][/fusion_builder_container][fusion_builder_container background_color=”” background_image=”” background_parallax=”none” enable_mobile=”no” parallax_speed=”0.3″ background_repeat=”no-repeat” background_position=”left top” video_url=”” video_aspect_ratio=”16:9″ video_webm=”” video_mp4=”” video_ogv=”” video_preview_image=”” overlay_color=”” overlay_opacity=”0.5″ video_mute=”yes” video_loop=”yes” fade=”no” border_size=”0px” border_color=”” border_style=”” padding_top=”20″ padding_bottom=”20″ padding_left=”0″ padding_right=”0″ hundred_percent=”no” equal_height_columns=”no” hide_on_mobile=”no” menu_anchor=”” class=”” id=””][fusion_builder_row][fusion_builder_column type=”1_1″ background_position=”left top” background_color=”” border_size=”” border_color=”” border_style=”solid” spacing=”yes” background_image=”” background_repeat=”no-repeat” padding=”” margin_top=”0px” margin_bottom=”0px” class=”” id=”” animation_type=”” animation_speed=”0.3″ animation_direction=”left” hide_on_mobile=”no” center_content=”no” min_height=”none”][fusion_text]Here’s the Transcription:

     

    Hello Kamal speaking

    good afternoon Kamal, Graham Doessel from Mycra Lawyers in Brisbane, how you going?

    I’m good, good thank you. How are you?

    Good, Do you have a couple seconds?

    Yes,  I do actually have a patient in my room, I’m just printing something for him, just one moment.

    Ok thanks

    Ok, so ah, yeah, is there anything that I can do for you at the moment?

    Absolutely, absolutely. Its um – are you talking to me or the patient?

    ahh you haha

    hahaha. Yeah, i just noticed the email that you sent through to lauren this morning

    Yes

    Thank you so very very much for your kind words that’s amazing

    Thank you i really appreciate it

    I was wondering if I used that in my marketing?

    of cause

    do you mind if i leave your name in there?

    Yes 100%, but if you want me to send you the same email to you sir i have no problem with that

    no that’s fine I’m happy to use the one I’ve got here that’s fine. Thank you so very very much and look if we can be of any help with anything at any stage in the future…?

    Thank you so much i will tell all my doctors friends, family and I will recommend them to you, because for me –

    it’s so easy to get bad credit isn’t it? (Yeah) It’s so easy to get bad credit and so hard to get rid of.

    that’s right it was for me impossible to get any loan, without your help, cause you know I had two default unjustified and um I dunno if Lauren knew about it, I contacted Veda and the default has been removed completely, probably she doesn’t know yet haha, but i wanted to let her know, and my Veda score is the highest in Australia, its 911.

    That’s fantastic

    So yeah

    So it’s just that default that was making it hard yeah?

    Yes, my Veda score was 452 (yep) 20% bottom, you know, bottom, I mean sub zero, and now it’s 911, (yep) it’s the highest in the country. It’s in the 81 – 100%, so it’s the – it’s an excellent score – Excellent.

    That’s amazing

    So you’ve got below average, you’ve got average; you’ve got good, very good, and excellent. For mine its excellent thanks to you.

    I’m very very glad to hear that very glad to hear that. (Thank you) So the only thing that I’ll block out of this thing is your personal email address

    Beautiful

    Fantastic

    I’m more than happy for you to do that, yeah. And if you would like me to do some testimonial on YouTube for example, I’ll get my partner, shes in IT and ah she knows, well a lot about computers, I’m more than happy to organise a YouTube testimonial regarding umm you know… regarding the ahhh…. you know our chat and explaining what your firm has done to me.

    G- well that’s – that’s absolutely wonderful yeah absolutely

    And Lauren Andrew ahhh Phillip Anthony, Cory – they are all amazing, you know? I can’t tell you how beautiful the service was, it’s amazing, its changed my life. Its changed my life and its saved me thousands of dollars because you know the bank wanted to give me 10% because of my credit file. My excellent – my credit history now, its back on track

    fantastic, congratulations Kumal that’s amazing

    thank you so much sir, thank you so much. Thank you.

    do you mind if i pull this phone call from our server and Ill just use your kind words in an audio testimonial as well is that ok?

    100%

    ahh thank you so much

    Thank you

    Thank you Kamal, I really really appreciate it.

    Thank you so much bye bye

    Bye bye[/fusion_text][/fusion_builder_column][/fusion_builder_row][/fusion_builder_container][fusion_builder_container background_color=”” background_image=”” background_parallax=”none” enable_mobile=”no” parallax_speed=”0.3″ background_repeat=”no-repeat” background_position=”left top” video_url=”” video_aspect_ratio=”16:9″ video_webm=”” video_mp4=”” video_ogv=”” video_preview_image=”” overlay_color=”” overlay_opacity=”0.5″ video_mute=”yes” video_loop=”yes” fade=”no” border_size=”0px” border_color=”” border_style=”” padding_top=”20″ padding_bottom=”20″ padding_left=”0″ padding_right=”0″ hundred_percent=”no” equal_height_columns=”no” hide_on_mobile=”no” menu_anchor=”” class=”” id=””][fusion_builder_row][fusion_builder_column type=”1_1″ background_position=”left top” background_color=”” border_size=”” border_color=”” border_style=”solid” spacing=”yes” background_image=”” background_repeat=”no-repeat” padding=”” margin_top=”0px” margin_bottom=”0px” class=”” id=”” animation_type=”” animation_speed=”0.3″ animation_direction=”left” hide_on_mobile=”no” center_content=”no” min_height=”none”][fusion_imageframe lightbox=”no” lightbox_image=”” style_type=”none” hover_type=”none” bordercolor=”” bordersize=”0px” borderradius=”0″ stylecolor=”” align=”none” link=”” linktarget=”_self” animation_type=”0″ animation_direction=”down” animation_speed=”0.1″ hide_on_mobile=”no” class=”” id=””] [/fusion_imageframe][fusion_text]

     

    If you want a clean credit rating, call MyCRA Lawyers now on 1300 667 218 for an obligation free chat[/fusion_text][/fusion_builder_column][/fusion_builder_row][/fusion_builder_container][fusion_builder_container hundred_percent=”yes” overflow=”visible”][fusion_builder_row][fusion_builder_column type=”1_4″ last=”no” spacing=”yes” center_content=”no” hide_on_mobile=”no” background_color=”” background_image=”” background_repeat=”no-repeat” background_position=”left top” border_position=”all” border_size=”0px” border_color=”” border_style=”” padding=”” margin_top=”” margin_bottom=”” animation_type=”” animation_direction=”” animation_speed=”0.1″ class=”” id=””][/fusion_builder_column][fusion_builder_column type=”1_2″ last=”no” spacing=”yes” center_content=”no” hide_on_mobile=”no” background_color=”” background_image=”” background_repeat=”no-repeat” background_position=”left top” border_position=”all” border_size=”0px” border_color=”” border_style=”” padding=”” margin_top=”” margin_bottom=”” animation_type=”” animation_direction=”” animation_speed=”0.1″ class=”” id=””][fusion_text]

    [contact-form-7 id=”6642″ title=”Online Enquiry”]

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  • “Huge” increase in identity theft from scams: ACCC

    scamScam report numbers have ballooned to a massive $89 million lost to scams in Australia, according to the Australian Competition and Consumer Commission (ACCC). Dating and romance scams topped the list of financial losses and the ACCC reports a “huge” increase in identity theft numbers from scams. We look at the details of the ACCC’s report, as well as which scams have taken the most victims. Be scam-savvy in order to protect your finances as well as your identity. Identity theft through scams, or any means can lead to credit file misuse, so it is important to know how to look out for scams as a way of maintaining your clean credit rating in this day and age.

    By Graham Doessel, Non-Legal Director MyCRA Lawyers www.mycralawyers.com.au.

    The ABC News Report ‘Scams cost Australians $89 million in 2013, says Australian Competition and Consumer Commission’ says the ACCC figures show a 10 per cent spike in scam reports last year, as well as an alarming trend in phishing and identity theft.

    Out of a total of 92,000 complaints received – losses amounted to $89 million. The ACCC’s Targeting Scams Report shows Australians lost $25 million to dating and romance scams with only 2,777 losses related to this type of scam.

    According to reports the most complained about scam was advance fee-upfront payment scams, where consumers are typically asked to make a payment with their credit card to access a bogus refund, prize or other kind of reward. More on this report:

    ACCC deputy chairwoman Delia Rickard says the figures are only a small snapshot of how much money people are losing to scams.

    “We talk to other agencies, and work is being done so there will be a central repository of all reported scams in Australia but that’s not in place just yet,” she told the ABC.

    “So we know it’s significantly more than the $89 million that was reported to us.”

    …Ms Rickard says she is very concerned about the “huge increase” in phishing and personal identity theft.
    “These can take all sorts of forms but usually it might be ‘fill in this survey and you could win a $50 voucher’ and you go to fill in the form and it will ask you for a range of private things with your name, age, address,” she said.

    “It might ask for your credit card details so they can deposit winnings into it, Medicare numbers, passport numbers.

    “What scammers do is they then use this information to impersonate you to open all sorts of accounts, run up debts in your name, drain your bank account.

    “So people really need to learn the importance of that personal information and not give it out unless they’re absolutely clear about who they’re dealing with and it’s clear why that person will need that information.”

    Identity theft including credit rating misuse can be pretty lucrative for fraudsters. In addition to your regular ‘scam’ fraudsters may also tack on a request for personal details, which signifies an attempt to misuse those details in the future, possibly for identity theft purposes. Requests for full names, dates of birth etc may leave victims vulnerable to identity theft.

    Fraudsters may also ask these questions:

    • With whom do you bank?
    • For how long?
    • What is your credit card number?
    • What is your driver’s licence number?

    If fraudsters have a person’s full name plus who they bank with, and what their driver’s licence number is they have the basic building blocks for an identity theft attempt. They can call the bank and have some kind of identity information on which to proceed with accessing bank accounts AND accessing further credit in your name.

    Sometimes you may not know you have been a victim until after you apply for credit and are refused.

    By that time, it is a struggle to recover your good name. For an identity theft victim to have a chance at removing bad credit history, you must prove you didn’t initiate the credit in the first place. This can be difficult if the scam happened months or years before.

    What to do if you are a victim of a scam

    1. Contact the Police immediately. Don’t be embarrassed or dismiss it because you don’t think the amount was significant enough. It is only through identity theft being reported that data gets collected and appropriate preventative measures eventually get put in place.

    2. Contact your Bank. They should be able to flag your accounts so that no credit can be obtained in your name.

    3. Contact the credit reporting agencies that hold your credit file. In Australia, this is Veda Advantage, Dun and Bradstreet and TASCOL (if in Tasmania). You should inform them that you may be at risk of identity theft and they may have a plan of action for protecting your credit file.

    4. At this time, you should also order a copy of your credit report. If there are any inconsistencies on your credit report – change of address, strange credit enquiries and instances of credit you don’t believe you’ve access, then you may already be a victim – and should do all that’s possible to follow up on each account so as not to accrue defaults on your credit file that should not be there.

    5. If you find you have defaults that shouldn’t be there, take steps to remove them. Although it seemed so easy for the fraudster to use your good name in the first place, you are now faced with proving the case of identity theft with copious amounts of documentary evidence in order to get the credit listings removed from your credit file.

    If you have neither the time nor the knowledge of Australia’s credit reporting system and credit legislation that you may need to fight your case yourself, you can seek the help of a professional credit dispute firm.

    Visit www.mycralawyers.com.au for more information on identity theft and bad credit or call us on 1300 667 218.

    The latest information about scams and tips for consumers can be found at the ACCC’s ScamWatch website, and you can also subscribe to alerts there:  www.scamwatch.gov.au.

    Talk to us about disputing your credit report

    Image: Stuart Miles/ www.FreeDigitalPhotos.net

  • Protect your child online, protect their credit rating.

    protect child onlineIf you know how to help your child stay smart online, you could just be protecting their future credit rating. One of the focuses of Stay Smart Online Week 2014 is protecting our children and helping them have safe and positive experiences online. There are significant risks to children in using the internet. Many parents may know that apart from the potential exposure to sexually explicit, violent, prohibited or even illegal content, our children may also experience cyber bullying or be at risk from contact by strangers.

    What many parents don’t know is that children are also a target for fraudsters. If they are not smart online, they may be at risk of damaging their credit rating, before they even have one. We reveal the dangers for children online when it comes to identity theft and their credit rating, as well as giving some general tips to help your child stay smart and stay safe online.

    By Graham Doessel, Non-Legal Director of MyCRA Lawyers www.mycralawyers.com.au . Stay Smart Online Week 2014.

    Stay Smart Online - Proud Partner LRProtecting the integrity of your child’s credit rating is a crucial part of protecting them online. A trick by fraudsters termed ‘data warehousing’ could mean we may see a new generation of identity theft victims. The fraud takes personal information (often freely available) and stores it until the child comes of age to take out credit or to apply for identity documents. The information is then used to take out loans, create false accounts or commit crimes.

    If the personal information is used to take out loans, the young person can end up with a series of defaults or other black marks and may be totally unaware until they apply for their first loan or credit card. For 5 years they could be locked out of credit, refused cards, loans, even mobile phones. It need not be major fraud to be a massive blow to the identity theft victim. Unpaid accounts for as little as $150 can have the same negative impact on someone’s ability to obtain credit as a missed mortgage payment. So any misuse of someone’s credit file can be extremely significant.

    Proving the case of identity theft when attempting to recover a clear credit rating is already difficult for the individual to undertake, as the onus is on the victim to prove to creditors they didn’t initiate the credit. Adding to that the fact that the perpetrator would be long gone with the actual act of identity theft happening years earlier – and those young people will have a very difficult task of recovery indeed.

    Late last year, the Courier Mail featured a story where Police were warning parents about criminals who are tracking the lives of children online, harvesting personal information to steal their identities once they become adults. The story, titled ‘Social media enables cyber criminals to build profiles for identity theft’ delved in to just how this type of fraud can occur.

    Queensland police fear a generation of youngsters could be burnt by their obsession for revealing all on the internet – left with bad credit ratings or associated with crimes they had no part in.

    Detective Inspector Phillip Stevens from the police service’s fraud and cyber crime group said criminals were harvesting the information for their own illegal purposes or to sell it to other fraudsters.

    He said social media sites were prime sources of information for online criminals. Names, ages, places of birth and addresses were all being stored and he warned parents to stop their children putting too many details online.

    “Everyone is a potential victim but we see children as vulnerable (because of the level of detail they post online),” Insp Stevens said.
    He said products such as low-document loans allowed criminals to apply for money over the internet.

    The lack of robust identity checking was enabling fraudsters to take out loans with stolen identities, he said.

    “By using a computer, criminals have no borders, can access more victims and recycled stolen identities.”

    He said by the time some children and adults become more savvy about their online personal details they may have already been a victim.

    “Identities are used for more than just fraudulent financial gains, they also used within the criminal environment as a means of providing a level of anonymity, in order to evade traditional policing methodologies.

    “If you have access to a supply of identities you can hide within the environment, commit crime under one name and hire a car with another. It makes it very difficult for police to actually know who they are looking for.”

    So how can we protect our children?

    It begins with taking an active role in your child’s computer use, and realising that their personal information is just as coveted as our own. Perhaps even more so – as the likelihood the child will have a clean credit history to begin with is even higher.

    It starts with talking to your kids about the internet, and to do that, you need to understand the spaces they are communicating in by being involved. Keep up with the latest sites and technologies to ensure you are always able to give relevant input to your child.

    Put an emphasis on protection, from settings to passwords on all devices and accounts, and encourage regular updating of passwords and codes. And ensure that they understand the importance of protecting their personal information no matter what age they are.

    Here are some other general tips which can help you ensure you are protecting your child online in all sectors, courtesy of Stay Smart Online:

    Top tips

    • Know what your children are doing online-make sure they know how to stay safe and encourage them to tell you if they come across anything suspicious or if anybody says or does something that makes them feel uncomfortable or threatened.

    • Get to know the technologies your children are using. This will help you understand the risks and to be able to talk to them about what they are doing online.

    • Discuss the risks with your children and agree on some rules for internet use. Post them clearly near your computer.

    • Tell your children if they are uncomfortable talking to you they can contact the Cybersmart Online Helpline (Kids Helpline) www.cybersmart.gov.au

    • Place the computer in a family area of the home – the family or living room, rather than a bedroom.

    • Install an internet content filter. This can be used to restrict what content is viewed and downloaded or the times when they can use the internet.

    • Make sure your children know not to share personal information or photos. This includes their full name, mailing address, telephone number, the name of their school, or any information that could allow someone to work out who they are and where they live.

    • Report inappropriate, harmful or criminal activities that occur online or via a mobile device to www.thinkuknow.org.au

    • Report offensive content to the Australian Communications and Media Authority (ACMA). You can do this by completing the relevant online form at www.acma.gov.au/hotline or by sending an email to online@acma.gov.au or phone 1800 880 176

    Don’t let your children get caught with credit rating defaults that should not be there. Don’t let fraudsters take over their good name. Educate yourself and your child on what a valuable commodity your personal information is, and how you and your child can protect what is your ticket to financial freedom in this modern world – your credit file – from fraud.

    So our message this week is: take heed online, and safeguard your personal information to prevent identity theft and credit file misuse.

    For more information on credit file misuse, or to get more help or information about the security of your credit file, visit our main site www.mycralawyers.com.au, or you can contact us on 1300 667 218.

    Image: Ambro/ www.FreeDigitalPhotos.net

  • Credit law series: Bad credit mistakes in Australia

    bad credit mistakesIn this credit law series, we look at bad credit mistakes. Do you have a bad credit rating and don’t know why? Have you had bad credit placed on your credit file you don’t agree with? You are not alone. Possibly millions of people in Australia have a bad credit rating, and many people are unaware they have black marks against our name until we apply for credit and are flatly refused. We look at the ins and outs of bad credit mistakes and what you can do about them.

    By Graham Doessel, Non-Legal Director of MyCRA Lawyers www.mycralawyers.com.au.

     

    What is a bad credit rating?

    ‘Bad credit’ in Australia is generally credit listings such as defaults, writs, Judgments or Bankruptcies recorded against your name on your credit file by a Credit Provider.

    Most of these listings can make it very difficult to obtain credit for 5 years for defaults and up to 7 years for bankruptcy. This can affect many major areas of your life such as buying a home, taking out personal loans for vehicles, business loans and in many cases even credit cards and mobile phone plans.

    Currently, most of the major banks are rejecting home loan applications where the credit history shows a default listing (an overdue account which has lapsed past 60 days). Many lenders are even rejecting loans for excess credit enquiries such as two in thirty days or six within the year.

    How common are bad credit mistakes?

    There are over 16.5 million credit files for ‘credit active’ people, held by the major credit reporting agencies in Australia; Equifax (Formerly Veda Advantage), Dun & Bradstreet, Tasmanian Collection Service. (16.5 million credit files are held by Equifax (Formerly Veda Advantage) alone).
    Unfortunately, there are no current statistics on the number of credit mistakes which occur on Australian credit files.

    But to give you some idea, in 2004 the Australian Consumer Association (now Choice) conducted a survey which revealed 34% of the credit files of the people surveyed possibly contained errors.

    Most people that query Credit Providers and credit reporting agencies about their bad credit – especially where there’s a default, are told that the listing can’t be removed but can be marked as ‘Paid’ if the account was settled.

    This is often not good enough if you need to use credit over the next 5 years (which is almost everyone nowadays).

    What sort of bad credit mistakes are disputable?

    You should know that any credit listing which you believe is inconsistent, unfair, or incorrect can, and should be disputed. Credit rating mistakes could be anything from the credit listing placed by your Credit Provider on the wrong credit file; to the basis of the credit listing being unfounded; to incorrect notices being provided to you; right through to system errors and incorrect spelling, to name a few examples.

    How do I repair my bad credit rating?

    One important aspect to disputing a credit listing in Australia (also known as credit repair) is to remember is that we usually only get one chance at clearing our credit file.

    Sometimes we can attempt to deal with Credit Providers to remove the credit rating default ourselves and can do more harm than good by not understanding the legislation. This is where a firm focused on credit law can help.

    What does a credit law firm do?

    Disputing (or repairing) a credit file involves reviewing documentation– including the credit file and all the circumstances surrounding the default, writ or Judgment.

    Then the credit repairer negotiates with the creditor who initiated the listing on your behalf to remove the default.
    This can also often involve lengthy requests and submissions of documentation until an agreement is reached by the creditor and the repairer to remove the offending black mark.

    Not every credit file is suitable for credit repair. The credit repair company can review your situation and determine whether your case is worthy of pursuing.

    How do I seek out the best firm for repairing my bad credit mistake?

    Credit repair with a law firm solely focused on credit law is arguably the safest choice for credit repair in Australia. The process of credit repair is often attempted by companies without a legal practising certificate.

    Some of these companies can charge big bucks to perform the service for you. Some in the ‘credit repair’ industry may also claim to give quasi-legal or legal advice without adhering to the restrictions of the law.

    A credit reporting lawyer can act in court processes; identify legal issues; provide legal advice; prepare binding agreements; conduct formal negotiations and follow through with enforcement where necessary.

    A credit reporting lawyer can also make formal recommendations to Credit Providers making reference to the law, and make representations on behalf of clients.

     

    Click here to find out more about how MyCRA Lawyers can help you with your bad credit mistakes.

  • New credit laws: the single best thing you can do to prevent bad credit

    change attitude to billsChange your attitude towards paying your bills, and change the likelihood you will suffer from bad credit. That is the single best thing you can do to prevent bad credit in the form of defaults, and now, the dreaded late payment notation. It’s not rocket science of course, but changing your financial attitude and stopping the crazy juggling act is one of those things I have seen in my time that most people on the slippery financial slope don’t do, that they could do to get themselves on the road to long term financial recovery long before they have defaults. Without defaults or late payment notations on your credit file, you score much better in the lender’s systems. You have a much better chance at securing credit in the future, including major credit like a home loan.

    By Graham Doessel, Non-Legal Director of MyCRA Lawyers www.mycralawyers.com.au.

    Although we would like to believe that the credit system is foolproof there are always going to be instances where Credit Providers make mistakes, and you cop bad credit unjustly or incorrectly. That you can’t help. T

    he type of bad credit I’m talking about is the bad credit which is directly attributed to you not paying your accounts on time. Instances where it’s either entirely or mostly your fault.

    With our new credit laws in place, it is quite likely that at some point most Credit Providers holding an Australian Credit Licence (eg banks and building societies) will sign on to comprehensive credit reporting and be able to access and report on your repayment history. So if you’re late by more than 14 days paying your credit card, personal loan or home loan, you run the risk of having a late payment notation recorded on your credit file and remain there for two years.

    A story yesterday from the Brisbane Times, Telcos and utilities could suffer under new credit rules quotes the Australian Retail Credit Association (ARCA)’s Damian Paull. ARCA are the guys that devised the Credit Reporting Code of Conduct, to go with our new Privacy Laws. Mr Paul said there is a danger that banks who chose not to report consumer repayments information and telcos and utilities – which are excluded from the new regime – could find there is a financial impact.

    “Once consumers get a sense of who is reporting, what’s going to happen?,” he said.
    “If I know bank X is reporting and Bank Y isn’t, what is going to happen to banks who do not report that information? What is going to happen to telcos and utilities?
    “Is that going to put pressure on these organisations and their payments – I think this is probably going to happen,” he told a conference organised by Informa in Sydney on Wednesday.

    These comments worry me, because it tells me that it is predicted that people who are struggling with their repayments will simply make their loan and credit card repayments on time, but miss the mobile or energy bill, because those are not subject to repayment history.

    Whilst this may be true, as someone who has been involved in the finance sector a long time, it is not a sentiment I want to accept.
    Fair enough, some months you may be a little short on cash. Yes, to avoid repayment history, you may want to pay your credit card, but leave your phone bill.

    But for those people who are consistently unable to meet all of their repayments on time – there was no mention in the article from any of those commenting, of what they should do, to get back on track.

    By acting early and taking advantage of new financial hardship laws, you can save yourself from mounting debt, late payment notations and defaults.

    If you are suddenly unemployed, fall ill, separate from your spouse or have a period of intense debt stress – you should know there are laws that may be able to help you through this difficult time. By putting your hand up early– before your accounts go into arrears – you could save your credit file. But why are there not more people aware of this?

    Time and again, I see people burying their heads in the sand, robbing Peter to pay Paul, until they are in so much debt it slaps them in the face. You should know that a bump in the road doesn’t have to mean you can’t borrow again, so long as you handle it the right way.

    New financial hardship laws brought out by the Government last year have been designed to protect consumers during times of temporary financial hardship.

    Last year, Steven Münchenberg, Chief Executive of the Australian Bankers Association, said in a statement to the media that only one in four bank customers knew that banks offered hardship assistance.

    As a company involved in credit dispute, MyCRA Laywers has helped many clients in the past dispute credit listings issued during a time of financial hardship.

    If the powers that be played a more proactive role in credit education, this issue would no longer be as prevalent.

    In the past consumers have not been offered hardship variations with their bank, or they have not been aware they have a right to request one and have been defaulted – this locks them out of mainstream credit for five years. If you are largely aware of your rights and obligations, then you might request a variation to your credit agreement early and potentially avoid the long term pain for what is often a very temporary issue.

    The earlier you act, the better off you will be. The key word here is ACT. Don’t hide from your Credit Providers and hope it will all go away. It never does.

    If you are experiencing temporary financial hardship you contact your bank or building society and ask to speak with the Financial Hardship Variation Team. Using the specific words ‘financial hardship’ will help make it clear to the bank what you need. Ideally, act before you fall into arrears on your account – to save your credit file when you recover from this difficult time.

    If you’re not at the point of needing a specific hardship variation with your bank, but you still struggle from time to time – don’t wait till everything goes belly up. There’s plenty of help out there for people who aren’t great juggling their finances or have found themselves over-committed. There are free financial counsellors out there who should be able to help you. Contact the Financial Counsellors of Australia www.fca.org.au for more help.

    Image: Danilo Rizzuite/ www.FreeDigitalPhotos.net

  • Is the 2014 Federal Budget a mortgage killer?

    mortgage killerWe look at Tony Abbott and Joe Hockey’s Federal Budget in detail to determine what the possible ramifications could be for those who will buy a home in the future. Whether you agree with the decisions handed down or not, we look at how the choices in ‘Federal Budget 2014’ could impact home buyers both now and in the future. We also look at the possible ramifications for credit expectations and the credit files of those in the firing line.

    By Graham Doessel, Non-Legal Director of MyCRA Lawyers www.mycralawyers.com.au.

    The property industry has been given a partial reprieve under the Federal Budget 2014, with negative gearing surviving, despite predictions it would be axed. The Government had also said during the Budget announcement that it expected interest rates to remain low in the near future, which is good news for home buyers and mortgage professionals.

    But there are still a number of substantial areas in the Budget which cause negative fall out to filter down to Australian home buyers and be felt on the frontline of the mortgage industry, and we examine them.

    Changes to unemployment benefits 

    There has been controversy about the Government’s harsh new rules on unemployment benefits. The unemployed who are 25-30 years old will have to wait 6 months to receive the Newstart Allowance. But despite the damning headlines, the rules aren’t quite as harsh as they appear. If an applicant was previously employed, the waiting time will be reduced one month for every year they had been employed. This means that if someone has legitimately lost a job prior to 6 or more years of work, they will be exempt from the government’s new stipulations.

    It sounds like a good plan to boost employment, which could in turn be good for the housing and finance industries, except it seems to leave the potential for many people to be quite disadvantaged.

    For those who are forced to wait a month or two before they can receive Newstart, there could still be problems. For instance, how is a 25-30 year old who lives out of home, who perhaps has a family or at least has incurred some level of debt, and who is unable to get work, expected to wait out one or two months, let alone six months with no money coming in – before they receive government help?

    If the unemployed person is truly unable to secure work straight away for whatever reason, they are going to end up relying on credit to bridge the gap until they can either find paid work or become eligible for government assistance. Although the idea of making people wait sounds reasonable as an incentive to get “dole bludgers” off the couch and out in to the workforce, in reality the conditions just don’t seem fair for everyone across the board.

    It brings to mind a survey I featured back in 2012 from Dun & Bradstreet. Their Credit Expectations Survey revealed at the time that a third of low income earners in Australia would only have been able to survive one month without paid work. What if you’re a low income earner, living in an area of high unemployment?

    Furthermore in terms of the housing market – people who go through something like this in their 20’s could be ruined for major credit like a home loan. At best they’ll probably have a credit rap sheet of payday loans and fringe lenders. At worst, they’ll have defaults on their credit file.

    Families saving for a home

    There has also been a significant reduction in the Family Tax Benefit. The Family Tax Benefit Part B threshold has been reduced to $100,000 and will no longer be available after the recipient’s youngest child turns six. The Family Tax Benefit Part A will begin to reduce once the family’s income exceeds $94,316 per year. The School Kids Bonus will also be cut. Having three children is also no longer considered a “large family” with families of four children the cut-off for eligibility for the large family supplement.

    Alongside these cuts, the fuel excise freeze has also gone. This means that fuel prices will rise every six months with inflation.

    First home buyers

    First Home Buyers, already with historically low numbers in Victoria, will have even less incentive to buy a home following this Federal Budget. There are a number of direct and indirect cuts which will impact them. The first is the scrapping of the First Home Savers Account:

    INCENTIVE CUT

    First-home buyers saving for a deposit have lost an incentive with the scrapping of the First Home Savers Account (FHSA) in the Budget.

    The Rudd government initiative, introduced in 2008, provided people saving for a deposit with tax breaks and co-contributions from the government.

    Under the scheme, savers paid concessional tax rates of 15 percent on interest earned in the accounts and the government made a 17 percent co-contribution on the first $6000 contributed each year.

    The government co-contributions to the accounts will end on July 1 and tax and social security concessions will be withdrawn from July 2015.

    Mr Hockey said the accounts were being abolished because their low popularity.

    The Government expects to make $143 million in savings over five years from its scrapping. (news.com.au ‘Federal Budget 2014: Homeowners and the property sector winners’).

    In addition to this, the Government has decided not to review the First Home Owner Grant to keep it relative to house price movements, despite calls from the Real Estate Institute of Australia to do so.

    Price hikes for Universities

    University fees will be de-regulated after 2016 – and this will see a likely increase in University fees across the States. This could also filter through to the first home buyer market. Students will likely come out of their studies with a bigger debt to repay, and less money to save for a home.

     

    There are some key issues for home buyers, particularly first home buyers given their rates are already so low. I believe it will be important to watch how things unfold over time, particularly  how the new unemployment system is working. But for the housing industry, I don’t see this budget as being a big a mortgage ‘killer’ – but let’s hope it doesn’t end up hurting a little.

     

    MyCRA Lawyers is an Incorporate Legal Practice focused on credit consultancy and credit file disputes. MyCRA Lawyers means business when it comes to helping those disadvantaged by credit rating mistakes.

    The above piece is opinion only and does not constitute legal and or financial advice.

    Image: jesadaphorn/www.FreeDigitalPhotos.net

     

  • Privacy Awareness Week 2014: Protecting the Privacy of Your Customers

    There has never been a more important time in business to consider the privacy of your customers. Personal information is more accessible than ever before, and with that, comes the need to create and define boundaries around personal information in the private sector. New laws have just been implemented which expand the scope of privacy law in Australia. This it seems is not merely being ‘over-cautious’ with privacy. A recent survey on identity crime shows it has officially become one of the more common crimes in Australia. Results from a survey of 5,000 Australians on their experiences of identity crime and misuse conducted by the Australian Institute of Criminology (AIC) on behalf of the Attorney-General suggest identity crime directly affects around 1 million Australians each year.

    personal information

     

    The survey has found almost 1 in 10 people experienced misuse of their personal information in the previous 12 months, and 1 in 5 people experienced misuse of their personal information at some point in their lives, with 5% of people experiencing identity crime or misuse resulting in a financial loss in the previous 12 months. Identity theft can impact the finances and the credit rating of victims. If your business handles personal information, this Privacy Awareness Week 2014, with its emphasis on education of Australia’s new Privacy Laws, is a good time to ensure you are meeting your responsibilities to consumers and to your business around Privacy, particularly if your business has obligations under the Privacy Act 1988 (Cth).

    By Graham Doessel, Non-Legal Director of MyCRA Lawyers www.mycralawyers.com.au.

    With the emphasis on privacy protection in Australia’s new Privacy Laws, businesses which handle personal information are required to update their Privacy Policies and possibly their systems to fall in line with new changes. Under the new privacy law the IPPs and NPPs has been replaced by the new, unified, Australian Privacy Principles (APPs) – these will apply to businesses with a turnover of at least $3 million, as well as government agencies. This is just one of the many significant changes to the Privacy Act 1988 (Cth).

    The Federal body which handles Privacy in Australia, the Office of the Australian Information Commissioner (OAIC) has previously suggested some basic questions for businesses to prompt further investigation if necessary into possibly obligations under the Privacy Act 1988 (Cth).

    • Does your business or agency handle personal information? There are some changes to what constitutes personal information under the Privacy Act

    • Do you need to review your business or agency’s privacy policy? You should have an up-to-date policy that is reviewed regularly. The new laws set out some requirements for privacy policies

    • Do you need to review your business or agency’s outsourcing arrangements? You will need to do this particularly if you are sending personal information overseas.

    • Do you use direct marketing to reach your customers? If you do, you will need to provide an easy way for people to opt-out of receiving these communications. There are some new rules in the area of direct marketing

    • Does your business or agency receive unsolicited personal information. There are some new rules on how to handle this information

    • Do your information security systems need to be reviewed and updated?

    privacy policyOn Monday, the OAIC launched ‘A guide to developing an APP privacy policy’ to assist organisations and agencies meet this challenge. The Guide sets out a step-by-step process for developing privacy policies and a helpful checklist. There are also a number of tips to ensure that privacy policies are accessible and clearly expressed.

    The OAIC also launched ‘A revised Guide to undertaking privacy impact assessments.’ A Privacy Impact Assessment (PIA) is an assessment tool that ‘tells the story’ of a project from a privacy perspective. PIAs analyse the possible privacy impacts on individuals’ privacy and recommend options of managing, minimising or removing these impacts. PIAs are one way of building an organisational culture that respects privacy while also minimising the risk of data breach which can result in reputational damage and a range of other costs.

    What else can businesses do to ensure it is creating a culture of respect for Privacy of its customers?

    Privacy and your business

    Good privacy practice is important for more than just ensuring compliance with the requirements of the Privacy Act. If an entity mishandles the personal information of its clients or customers, it can cause a loss of trust and considerable harm to the entity’s reputation. Additionally, if personal information that is essential to an entity’s activities is lost or altered, it can have a serious impact on the entity’s capacity to perform its functions or activities.

    It is important for entities to integrate privacy into their risk management strategies. Robust information-handling policies, including a privacy policy and data-breach response plan, can assist an entity to embed good information handling practices and to respond effectively in the event that personal information is misused, lost or accessed, used, modified or disclosed without authorisation. (OAIC Guide to Information Security)

    There is a large amount of help in the OAIC’s Privacy Business resources section on their website, including a Privacy checklist for small businesses.

    It is important businesses don’t leave privacy to chance. Possible ramifications of not protecting personal information can be that customers are left embarrassed, distressed, or potentially financially affected. In the case of identity theft, where personal information is used to assume the identity of the victim, there is a grave potential for credit to be taken out in the vicitm’s name. Their credit rating can be destroyed for 5 to 7 years due to defaults they haven’t actually incurred themselves. Click here to find out more about the ramifications of identity theft on the credit rating. (Article courtesy of MyCRA Credit Repair).

    Under the amended laws, the Privacy Commissioner has been given enhanced powers to conduct assessments of privacy performance for government agencies and businesses, as well as the ability to accept enforceable undertakings and importantly, to seek civil penalties in the case of serious or repeated breaches of privacy.

    MyCRA Lawyers is an Incorporated Legal Practice focused on credit file consultancy and credit disputes. MyCRA Lawyers means business when it comes to helping those disadvantaged by credit rating mistakes.

    MyCRA Lawyers is a proud partner for Privacy Awareness Week 2014.

    PrivacyWeek-Banners-R1 - 2013-3

    Link to see more on the AIC Survey on Identity Theft and Misuse in Australia 

    Image 1: pakorn/ www.FreeDigitalPhotos.net

    Image 2: Stuart Miles/ www.FreeDigitalPhotos.net

     

  • Credit reporting and the year ahead

    credit reporting and the year aheadSome significant changes will be appearing this year due to Australia’s credit reporting legislation overhaul in March. These changes could impact all Australians, and especially those involved in the credit industry…Find out the 5 significant changes we’ll be watching in 2014, and decide what action you need to take for your business or for your own finances.

    By Graham Doessel, Non-Legal Director MyCRA Lawyers

    Are you ready for the year ahead in credit reporting?

    Below is my guest post in The Adviser this week ‘Credit reporting and the year ahead‘ .

    In this post, I discuss the 5 big changes we’ll be watching closely in 2014.

     

    Credit reporting and the year ahead (The Adviser)

    13 January 2014 | Graham Doessel

    2014 will bring some heavy changes to Australian credit reporting following the implementation of the Privacy Act 1988 (Cth) Amendments in March.

    What are the 5 big changes that we’ll be watching closely this year which could impact all involved in the credit industry?

    1. Repayment History Information (and specifically ‘late payment’ notations).

    The introduction of repayment history information (RHI) to Australian credit reports means there is going to much more data available to lenders in which to make their serviceability calculations from.

    One of the pieces of credit reporting data which could be a deal breaker for many prospective borrowers – is any late payment notations. Separate from defaults, a consumer’s RHI will show any late payments made on licenced credit – e.g. loans and credit cards and the date the payments were made.

    That information has been collected from December 2012 – but largely consumers are unaware of this important change. From March this year, it will show up on consumer credit reports across the country – and it will be interesting to see how many people have these new notations against their names.

    It remains to be seen how lenders will treat this information (as all serviceability calculations are so subjective), and precisely how the information will impact credit worthiness.

    We don’t know yet how many days late will be too late, and we won’t know this information until a new Credit Reporting Code of Conduct is registered. It has been proposed a repayment more than 5 days late will see you with one of these notations against your name.

    Another uncertainty is how many will be too many and mean the lender’s computer says ‘no’ or the lender’s computer says ‘yes’ but at a higher interest rate.

    2. New obligations on credit reporting bureaus

    With the registration of a new Credit Reporting Code of Conduct (CR Code), will be a new requirement on credit reporting bureaus such as Veda, Dun & Bradstreet, Tasmanian Collection Services and new entrant Experian, to audit the compliance of credit providers.

    The new CR Code requires CRB’s to monitor credit providers, and to determine those that pose the greatest risk of non-compliance with their core obligations under the Privacy Act. The Code determines these “at risk” credit providers would be subject to audits.

    We will be interested to see precisely how this obligation is metered out to credit reporting bureaus, and whether an independent overseer will be appointed to ensure objectivity. We hope this change will improve the accountability of credit providers. We also hope it will solidify the two entities as being ‘separate.’ We have found in the past during credit disputes, a client-type relationship tends to exist between agency and credit provider, at the exclusion of consumers.

    Further to this, it was proposed in the draft Code of Conduct, that CRB’s should also publish on their website an annual report by 30 June each year outlining information relating to credit report correction. The information would relate to the number of correction requests received, the number of successful correction requests, and the number of complaints received.

    This information has previously never been supplied to the Australian public from our credit reporting agencies (because there has never been a requirement to). If implemented as part of the new CR Code, this information will give Australia a much more accurate picture of the depth of credit reporting issues as they exist.

    3. The ‘open’ credit score

    Currently, Australia’s largest credit reporting agency, Veda is offering consumers the opportunity to purchase their ‘Veda score’ so they can see the number that lenders have been able to see when requesting credit information from Veda.

    With the Privacy changes will bring an obligation on those agencies providing a credit score, to provide information on how it is calculated. Veda has made moves to do this already.

    In addition to Veda, U.S. giant ‘FICO’ has said it would also like to offer open credit scoring to the Australian public.

    FICO currently offers its data analytics services and credit scoring to lenders for internal use in Australia, and has been doing so for many years. It is reportedly used in 90% of consumer lending decisions in the U.S.

    So if it does provide an alternative to Veda’s “VedaScore” it will be interesting to see the differences in the scores, and which one is more accurate reflection of lender serviceability calculations.

    4. “Improved” ability to correct consumer credit reports

    Creditors can and do make mistakes when placing listings on credit files, and the onus is on the consumer (or someone acting on their behalf) to identify and address those inconsistencies.

    But up till now, it has very much been a case of David and Goliath – with some consumers finding they are lumbered with listings that just shouldn’t be there due to not having the extensive skills and knowledge required to address their complaints in the appropriate way.

    The new laws around complaints correction have promised to streamline the correction and complaints process for credit reporting as well as force the credit provider to justify credit listings and actually substantiate the information it reports on credit files.

    These are significant changes which we look forward to putting into practice on behalf of the many clients we act on behalf of in credit dispute cases.

    5. New powers for the Privacy Commissioner

    New Privacy Laws provide that civil penalties can be issued by the Privacy Commissioner for a breach of certain provisions of the Privacy Act, and including the Credit Reporting Code of Conduct. They can also be imposed for serious or repeated breaches. These can be up to $220,000 for an individual or $1.1 million for an organisation.

    Finally there is some real incentive for credit providers to take due care with adding listings to credit files. The Privacy Commissioner has said he will not be taking a soft approach when it comes to breaches of the Privacy Act, and we will be watching with interest to see if this also applies with the same gusto to credit reporting breaches covered under this legislation.

    All in all, this year could bring some really positive changes to Australia’s credit system, but with it will be some teething problems resulting in confusion for some consumers. If nothing else, there’s going to be some really interesting times in credit reporting, and in finance in the months ahead.

    ________________________________________________________________

     GD COLOUR HEAD SHOTGraham Doessel is the Non-Legal Director of MyCRA Lawyers.

    MyCRA Lawyers advocates for individuals in matters of credit file dispute.

    An early pioneer in credit repair, over recent years Graham has become a frequent consumer spokesperson for issues impacting credit reporting, and is the Secretary and Spokesperson of the Credit Repair Industry Association of Australasia (CRIAA).

    Graham also founded and is the Non-Legal Director of Armstrong Doessel Stevenson Lawyers.

     

  • 1 in 12 Australian credit ratings threatened by identity theft.

    Media Release

    Identity theft1 in 12 Australian credit ratings threatened by identity theft.

    24 October 2013

    A survey conducted for the Attorney-General’s Department reveals Australian credit ratings are under increasing threat from ballooning identity theft numbers, and a consumer advocate for accurate credit reporting warns victims can pay heavily, with many locked out of mainstream credit for years.

    CEO of MyCRA Credit Rating Repair, Graham Doessel says when fraudsters take out credit in their victim’s name they can leave a trail of destruction on the victim’s credit file.

    “Fraudsters are never so kind as to pay the credit back. Defaults can then mount on the victim’s credit rating and hinder the victim’s ability to obtain credit in their own right,” Mr Doessel says.

    He goes on to say that “unless the victim can prove they didn’t initiate the credit in the first place, these defaults stay on the credit file for the term, which is five years.”

    The warnings come following the release of the ‘Identity Theft Concerns and Experiences‘ survey conducted by Di Marzio Research for the Attorney-General’s Department. (1)

    The survey found that identity theft had increased by a massive 40 per cent from 2011 to 2012 to almost one in four Australians having been a victim or known somebody who has been a victim of identity theft.

    It also showed 31 per cent of those victims had had their identity used to obtain finance, credit or a loan. This is an increase of 5 per cent from the previous survey in 2011.

    These figures correlate to almost one in every twelve Australians being victims of identity fraud which has had the potential to impact their credit rating.

    Mr Doessel says pieces of personal information are the building blocks for credit file misuse.

    “People can lose personal information in many ways, and they may be unaware of how or when it has occurred – particularly if it has happened via malware or even through too much sharing online,” he explains.

    “Sometimes it’s not until the victim applies for credit and is refused that they find out they have been exposed to identity fraud, and by then it may be too late to trace how it took place.”

    The survey pinpointed the private sector (Credit Providers such as banks and telcos) as providing victims with the most help with recovery, at 48 per cent – followed by Police at 32 per cent. Interestingly the government was cited as providing only 8 per cent of help with recovery, and 18 per cent of people had no help with recovery.

    But Mr Doessel warns that whilst Credit Providers may be able to help with reimbursing some identity theft victims, those that end up with defaults may not be so lucky.

    “It’s not a simple case of being ‘reimbursed’ for credit file misuse under the Credit Provider’s insurance. It is a slow and difficult process to try and recover a good name which has been tarnished,” he says.

    Mr Doessel says preventative measures centre around the safeguarding of personal information.

    “Get up to speed on the ways that fraudsters could misuse your personal information or your credit rating. Put as many preventative measures in place as possible, so that you have the least possible chance of becoming a victim.”

    “Also, check for credit file discrepancies. We recommend people regularly obtain a copy of their credit report to ensure that everything on their file is as it should be. That way if there are any problems, they can be rectified while there is no urgency,” he says.

    Under current legislation a credit file report can be obtained for free every 12 months from the major credit reporting agencies Veda Advantage, Dun and Bradstreet and TASCOL (if in Tasmania) and is sent to the owner of the credit file within 10 working days, or for a fee it can be sent urgently.

    Mr Doessel adds, Australia needs to create a culture of transparency when it comes to combatting this crime.

    “Talk, talk, and talk some more, about what you know about identity theft.  If you’re a victim – tell others about your story. In particular, talk to young people who might not fully understand the consequences of giving away their personal information and also talk to older people – who may be less tech-savvy and more vulnerable to predators,” he advises.

    You can find more information on identity theft on the Attorney General’s Website http://www.ag.gov.au/identitysecurity.

    /ENDS.

    Please contact:

    Graham Doessel – CEO Ph 3124 7133

    Lisa Brewster – Media Relations media@mycra.com.au

    Ph 07 3124 7133 www.mycra.com.au www.mycra.com.au/blog

    MyCRA Credit Repair 246 Stafford Rd, STAFFORD Qld

    MyCRA is Australia’s number one in credit rating repairs. We permanently remove defaults from credit files.

    (1) http://www.ag.gov.au/RightsAndProtections/IdentitySecurity/Documents/Identity%20Theft%20Data%20Survey%20Report%202012%20[PDF%205.3MB].pdf
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  • Two Australians arrested for ID Theft

    Police StationAustralian Federal Police announced late last week they had arrested two men producing fake identity material and committing credit card fraud. We look at the details of this arrest (which was a joint operation by the Identity Security Strike Team), and the recommendations Police make to ensure YOU lessen your chances of falling victim to identity theft and having your ability to obtain credit impacted by defaults.

    By Graham Doessel, Founder and CEO of MyCRA Credit Rating Repair and www.fixmybadcredit.com.au.

    Police report the operation began in January when intelligence gathered in previous operations identified a 52-year-old Beverly Hills man suspected of manufacturing fake identification and credit cards. Here is an excerpt from their media statement last week:

    Following investigative activities over the past eight months, search warrants were executed at a number of locations on Tuesday, including a Riverwood premises where police will allege that the 52-year-old man manufactured false documents, including driver licences, Medicare cards and credit cards. A 47-year-old Burwood man was identified as sourcing the identification information and supplying the completed false identification documents to others.

    A substantial amount of cash was also seized during Tuesday’s search warrants. The alleged criminal activity used high-end printing and manufacturing equipment to produce cards that were strong versions of officially-issued items.

    NSW Police Force Serious Crime Director Peter Cotter commended investigators for their efforts dismantling the group.

    “They had a well-resourced set-up and were capable of quickly reproducing a range of fraudulent identification documents which appeared to be the genuine article, making them particularly difficult to detect in our community,” Detective Chief Superintendent Cotter said.

    “This is a great example of how powerful law enforcement is when we work collaboratively to combat crime. The arrests serve as a warning for others who choose to engage in this type of criminal behavior.”

    NSW Roads and Maritime Services Director of Customer and Compliance Peter Wells said improved links with other identity issuing agencies was continuing to ensure identity thieves were apprehended.

    Identity theft is the curse of the 21st Century and that is becoming more evident in our industry of credit rating repair. There are more and more people needing help with repairing their credit file due to having their identity misrepresented in some way.

    Often the first time we are aware of identity theft is when we apply for credit and are flatly refused due to defaults on our credit file that are not ours.

    Credit file defaults are difficult for the individual to remove and generally people are told by creditors they remain on our file for 5 years, regardless of how they got there.

    Although it seemed so easy for the fraudster to use your good name in the first place, you are now faced with proving the case of identity theft with copious amounts of documentary evidence.

    If you have neither the time nor the knowledge of our credit reporting system that you may need to fight your case yourself, you can seek the help of a credit repairer. A credit repairer can help you to clear your credit file and restore the financial freedom you rightly deserve.

    The reason a credit repairer is usually so successful in removing your credit file defaults, is their relationships with creditors, and their knowledge of current legislation.

    If you have just found out you are a victim, we recommend you also contact the Police. Don’t be embarrassed – it is only through identity theft being reported that data gets collected and appropriate preventative measures eventually get put in place.

    Police offer some “red flags” which may show your identity security has been compromised. Top of their list, was your credit report. Checking your credit report regularly is essential to ensure your information is accurate. Your personal details on your credit report should also be checked to ensure they have not been altered by identity thieves. You can check your credit report free once per year. Click here to find out more

    POLICE TIPS FOR PROTECTING YOUR IDENTITY:

    •Check your credit report every year. If you find that you have been marked as having unpaid accounts, for example, that you have never heard of, you might have become the victim of an identity theft.

    •If you are on the phone, confirm that the persons you are making contact with are who you think they are.

    •Lock postal mailboxes to deter theft of mail.

    •Always store any personal or financial documents in a safe place.

    •Do not provide your tax file numbers or other identifying information to people who don’t have a requirement to know.

    •Destroy old documents and cards before disposing of them, otherwise your rubbish could become someone else’s means to stealing your identity.

    •Keep your credit and debit cards secure and never let them leave your sight when paying for something, for example the bill at a restaurant.

    •Report missing or stolen passports to the Department of Foreign Affairs and Trade.

    •Report missing or stolen driver licenses to your state/territory roads and traffic authority.

    •Report missing or stolen credit/debit cards to your bank or other financial institution.

    •Report missing or stolen mobile phones to your telecommunication provider.

    •Ensure that your personal computer has up to date software and antivirus software installed.

    •Be aware of phishing emails through which criminals will try to elicit your personal information (including credit card numbers).

    If you would like to know more about identity theft and your credit file, visit this link http://www.mycra.com.au/identity-theft/.

  • Employee fraud: what could it cost your small business?

    Media Release

    employee fraudEmployee fraud: what could it cost your small business?

    2 September 2013

    When it comes to employee fraud, a national credit expert warns small businesses they are particularly vulnerable to “losing it all” if fraud strikes, and cannot afford to be complacent about checks and procedures regardless of business size.

    CEO of MyCRA Credit Rating Repair, Graham Doessel says SME’s can easily lose their good credit rating right under their noses if an employee chooses to pilfer funds.

    “Many SME’s run on credit, having a smaller amount of capital – and it can mean some months are a delicate balancing act to get accounts paid on time.”

    “Even a single instance of fraud can mean accounts go unpaid, posing a great risk to the business’ credit rating. In some cases it can also seep through to the owner’s personal credit rating which can also be tied up with the business,” Mr Doessel says.

    The Australian Financial Review reported last month that close to one in two Australian businesses reported at least one incident of economic crime in 2011, with 16 per cent of respondents suffering losses in excess of $5 million. (1)

    The AFR featured PricewaterhouseCoopers’ Global Economic Crime Survey, which has been undertaken every two years since 1999.

    The survey showed it’s rare that fraud is committed by someone outside an SME. In a small business, employees tend to be given control of cash, inventory and accounts receivable and there are few monitoring systems to check on them.

    “Operators of small and medium enterprises tend to believe, often incorrectly, that risk management to limit potential theft and fraud is too costly to implement. Other SMEs don’t have the resources to respond adequately to crime and can be heavily damaged, or even bankrupted, by a single incident,” it was reported.

    Mr Doessel says if the business owner is not made aware of the fraud right away it can lead to defaults on the business credit file or the owner’s credit file. The business can then face great difficulty obtaining any credit.

    “Most businesses can’t expand, they can’t buy vehicles, or even take out mobile phone plans once there are black marks on the company credit file,” Mr Doessel says.

    He goes on to say, that instances of fraud, as with any negative listing which shouldn’t be there, can be difficult for the individual or business to resolve.

    “The onus is on the credit file holder to prove the listing has errors or shouldn’t be there. Clients can often be given the run-around by Creditors, and there is less legal obligation on the Creditor in the commercial credit landscape,” he says.

    How To Prevent Fraud In Your Small Business     

    1. Reference Checks for Potential Employees

    ASIC Spokesperson Joanna Bird recently told Australian Broker that in a review of industry practice they found there weren’t enough businesses conducting thorough reference checks as part of pre-employment screening.

    “Nearly everybody did a police check, but in fact not everybody did reference checking,” she said. (2)

    2. Credit Checks for Potential Employees

    A Survey of Fraud, Bribery and Corruption in Australia and New Zealand published by KPMG earlier this year showed one of the top motivators for fraud was personal finance pressure. (3)

    Mr Doessel says employers should consider doing a credit check on potential employees.

    “A credit file check where appropriate, would certainly alert the employer to any major debts which could possibly provoke an employee to undertake fraudulent activity,” he says.

    Accountancy and Advisory firm William Buck also recently gave some insight into fraud prevention. Here are some ideas Director Grant Martinella offered to prevent fraud:

    3. Check financial statements for any adjustments.

    “Look out for any unauthorised accounting adjustments to financial statements and consider using software to report on any source data changes and discrepancies,” Mr Martinella told Business Insider Australia. (4)

    4. Be wary of key people who refuse to take annual leave.

    “Fraudsters may be reluctant to go on leave to avoid having someone else take over their responsibilities and look over their work while they’re gone.”

    “Enforce compulsory annual leave, segregate duties so people aren’t acting alone, and ensure that there are clear reporting channels,” Martinella says.

    SME’s who need assistance with their business credit rating following fraud can contact MyCRA tollfree on 1300 667 218 or visit their website, www.mycra.com.au.

    /ENDS.

    For media enquiries, please contact:

    Lisa Brewster – Media Relations  Ph 3124 7133     media@mycra.com.au

    Graham Doessel      – CEO Ph 3124 7133  

    http://www.mycra.com.au/  246 Stafford Road, STAFFORD QLD. Ph: 07 3124 7133

    MyCRA Credit Repair is Australia’s number one in credit rating repairs. We permanently remove defaults from credit files.

    (1) http://www.afr.com/p/sticky_fingered_employees_found_KPZjUqkaEcB8m8YhKHZatL

    (2)http://www.brokernews.com.au/news/breaking-news/employee-fraud-the-red-flags-you-need-to-identify-now-178606.aspx?utm_source=Australian+BrokerNews+eNewsletter&utm_campaign=bb8879c81a-ABNewsletter&utm_medium=email&utm_term=0_7af1e9f6de-bb8879c81a-43569498

    (3) http://www.kpmg.com/AU/en/IssuesAndInsights/ArticlesPublications/Fraud-Survey/Documents/fraud-bribery-corruption-survey-2012v2.pdf

    (4) http://www.businessinsider.com.au/five-signs-that-you-might-be-working-with-a-fraudster-2013-8

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  • Telcos to step up spend management awareness under TCP Code

    bill shockBILL SHOCK!

    We’ve discussed it frequently. We hear about it frequently as credit repairers. Next month, the Australian Communications and Media Authority (ACMA) is overseeing new guidelines under the Telecommunications Consumer Protection Code (TCP) designed to reduce the instances of bill shock, and hopefully the frequency of credit disputes over bill shock. The new requirements are about to take effect from 1 September. We look at what the new Code requires and what it will mean for consumers.

    By Graham Doessel, Founder and CEO of MyCRA Credit Rating Repair and www.fixmybadcredit.com.au.

    Botched phone plans and lack of data usage monitoring has in the past left many Australians shell shocked over their mobile and internet bills, with bills so large many can’t pay up or refuse to pay up, leading to an increased rate of defaults.

    Consumers have been confused when it comes to data allowance – particularly on their smartphones, and this was a major focus following the ACMA’s Reconnecting the Customer inquiry – which found there was a real need for improvement in consumer protection in the telco industry in the areas of Critical Information Summaries, clearer advertising and improved complaint handling.

    In the past clients claim they have gone over their allowance really quickly, sometimes without realising it, or the plan they were put on was not appropriate for what they intended to use their mobile internet for. Often they have had great difficulty in cancelling the accounts or coming to a resolution with telcos over these billing issues.

    Sometimes consumers have reluctantly paid the bill, thought the matter was settled, only to find they were defaulted anyway, and others have just refused to pay the bill until they got some resolution. Either way, they have been faced with at least 5 years of bad credit from the episode unless they have been able to make a successful complaint.

    Last year, the Telecommunications Industry Ombudsman (TIO) surveyed its services. It counted 52,231 new complaints about telcos received between January and March 2012. Almost two-thirds were about mobile phone services.

    The TIO reports new complaints about over-commitment caused by inadequate spend controls increased to 4,282 in the January-March 2012 quarter, compared to 2,181 in the same quarter in 2011. In the same periods, new complaints about disputed internet charges increased from 981 to 2,823 (180 per cent).

    “It is well known that more internet browsing and downloads are now done on mobile phones and other mobile devices. With this change in consumer behaviour, we have seen complaints about excess data charges almost treble over the last year,” Ombudsman Simon Cohen said.  “The incidence of these complaints will reduce if consumers are only contracted for services they can afford, and where spend management tools such as notifications and usage meters are accurate and reliable”.

    SPEND MANAGEMENT TOOLS FOR TELCO CUSTOMERS

    From 1 September, 2013, spend management alerts, in addition to a range of new tools introduced for telco consumers following registration of the TCP code by the ACMA, will take effect. The changes include:

    • Residential customers on post-paid mobile and internet plans (with the potential for excess usage charges) will receive email updates when their data usage reaches 50 per cent, 85 per cent and 100 per cent of the amount included in their plan
    • Residential customers of the largest three mobile providers—Optus, Telstra and Vodafone—will also, from that date, receive SMS alerts when usage of their included value for calls and SMS reaches 50, 85 and 100 per cent.
    • The warnings at the 100 per cent usage mark must also include details of excess usage charges, which can be considerably higher than charges within the plan.

    ‘These notifications target customers most at risk of bill shock and represent an enormous industry reform by placing the power of information in the hands of consumers when they need it,’ said ACMA Chairman, Chris Chapman.

    Customers will not receive the warnings if they are on a plan which does not expose them to bill shock. This includes plans that are a pre-paid service, have a hard cap, or are an unlimited service, a dial-up internet service or are a shaped internet service, (i.e. which slows data rather than imposes excess usage charges when customers reach their data usage limit). The warnings are not mandatory for mobile plans launched prior to 1 March, 2012.

    The final element of the new TCP code, developed by Communications Alliance, rolls out in September 2014 when customers of the mid-sized and small telcos (less than 100,000 customers on included value plans) receive voice and SMS usage alerts to accompany their data alerts.

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  • Google Chrome doesn’t secure stored passwords

    protect passwordStay Smart Online (SSO) has issued an urgent warning to Google Chrome users who save their passwords to their browser. Passwords are not secured properly – allowing other users to be able to view all saved passwords! We look at the vulnerabilities for this method on any browser, and look at what other methods of password retrieval computer users can to adopt to protect their important personal information and ultimately – their credit file.

    By Graham Doessel, Founder and CEO of MyCRA Credit Rating Repair and www.fixmybadcredit.com.au.

    Here is an excerpt from the SSO warning – issued on Friday:

    Chrome will typically prompt you to save your password for a site that you visit, and remember this for future logins. While other browsers offer the option of a “master password” that can be activated to protect your passwords, Chrome does not.

    On any Google Chrome browser, you can type chrome://settings/passwords into the URL bar. This will display a page listing all of the passwords held by that browser—for all users of that computer.

    This is particularly concerning for shared computers. You should never save your passwords when using shared computers, such as public computers at a library or airport.

    Do not rely on your browser to safely store passwords for you if someone else has physical access to that machine.

    Only allow people you trust to access to your computer, especially if that computer contains confidential information.

    Online expert Daniel Smith says saving passwords on your browser is something you should never do.

    “It may be a convenient way to store the many passwords you might have for different accounts, but if it’s convenient for you, it can be convenient for anyone looking to steal them as well,” he says.

    Daniel recommends people wanting to remember difficult passwords should use a secure and trusted third-party tool to protect and manage their passwords rather than save them to their browser.

    “Sites such as Passpack.com or Lastpass could be good secure options for password management. One thing to note is that passpack has never been hacked. Another thing to note is that all browsers not just chrome do this,” Daniel says.

    Daniel’s Key Tips To Protect Your Password

    1. Use secure passwords. Come up with a unique password scheme – for example every 3rd vowel is a number or symbol. Or you could use two unrelated words which are memorable to you, and use tools like the Shift key to create a password that can’t be easily deciphered.

    2. Use a different password for each account. It may be harder to remember, but it may just take a little bit of work to make your passwords unique and also easy to remember.

    3. Use a unique username – not the default setting. Don’t use ‘admin’ as a username. You should use a username with at least 8 characters and include characters you have to press Shift for.

    4. Minimise password login attempts. For sites you have control over access to – restrict the number of attempts allowed to access the site, before the user is ‘locked out’, which prevents multiple attempts to crack the password.

    5. Include a 2-step verification plug-in. You can download a plug-in which requires 2-step authentification similar to bank requirements when logging in to the site. These are harder to infiltrate by hackers, but Daniel says many don’t use them because they are inconvenient.

    6. Never store passwords in your browser. Take time to make passwords unique yet easy to remember or use a secure third-party password manager if necessary.

    Personal Information Security and Your Credit File

    Stealing passwords or personal information through these channels can lead to identity theft and potentially fraud. Hackers can on-sell your personal information to fraudsters who have identity theft as part of their repertoire.

    Information like passwords, dates of birth, account numbers, full names etc can be warehoused and used to steal your identity and take credit out in your name. Fraudsters have been known to go so far as to take out personal loans, credit cards and even mortgage homes in their victim’s name.

    Fraudsters are never so kind as to pay this credit back – which leads to defaults on your credit rating. Most victims are unaware of this until they apply for credit in their own right and are flat out refused.

    For between 5 and 7 years you can be locked out of credit while your credit rating shows up someone else’s defaults.

    Unfortunately in the past it has not been easy for identity theft victims to prove they did not initiate the credit, particularly if they have no idea how they were duped in the first place. Often this sophisticated type of fraud is instigated by overseas crime syndicates who don’t leave much of a trail, or even if they do, can’t be prosecuted easily.

    Prevention really is key to protecting your credit file from this fraud – so spend some time and make sure your passwords are as secure as possible as a first line of defence against identity theft.

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  • Have Bad Credit? A bad credit loan is not your only option.

    bad creditFor someone who is locked out of mainstream credit because of their credit rating, their finance options become limited. But there are options, and in Australia, it may not always be entering into a “bad credit” loan. There are alternatives, depending on whether the credit file holder has grounds to dispute the bad credit tarnishing their credit file. We examine the ins and outs of bad credit loans in Australia, and the instances where it may be both fairer and cheaper to examine compliance with a credit repairer instead.

    By Graham Doessel, Founder and CEO of MyCRA Credit Rating Repair and www.fixmybadcredit.com.au.

    A bad credit report is a deal breaker with most mainstream Credit Providers. Bad credit can include defaults, writs, Judgments, Bankruptcies and even excess credit enquiries. From March 2014 it will also include payments more than 5 days late to licenced Credit Providers (loans, credit cards etc).

    [fusion_builder_container hundred_percent=”yes” overflow=”visible”][fusion_builder_row][fusion_builder_column type=”1_1″ background_position=”left top” background_color=”” border_size=”” border_color=”” border_style=”solid” spacing=”yes” background_image=”” background_repeat=”no-repeat” padding=”” margin_top=”0px” margin_bottom=”0px” class=”” id=”” animation_type=”” animation_speed=”0.3″ animation_direction=”left” hide_on_mobile=”no” center_content=”no” min_height=”none”]

    Graham Doessel
    Graham Doessel
    Founder & CEO
    MyCRA Credit Repairs &
    www.ADSLAW.com.au

    Bad credit impacts most people for between 5 and 7 years – and 2 years for repayment history. Most mainstream Credit Providers will refuse credit – particularly in the current economic climate. Often people can’t even get a mobile phone plan.

    Despite this, many alternative loans are available out there for people who are on the outer due to bad credit defaults and other credit listings. But these bad credit (non-conforming) loans generally come at a much higher interest rate, which can cost people tens of thousands more in interest just over the first three years of the loan.  This is in order to cover the risks associated with taking on someone with bad credit. For example, on a loan of say $300,000, the difference in 2% from the standard variable rate of say 7% to a bad credit loan rate of say 9% could mean a family is paying as much as $15,046.57 more over those first three years just in interest.

    Prior to branching out into credit repair, I ran a successful non-conforming brokerage helping people who were refused mainstream credit. But with many people – when I heard about the circumstances around their bad credit – I often felt they had been dealt an unfair blow – forced to pay thousands more in interest when the bad credit possibly shouldn’t have been there in the first place.

    This is why, the first port of call when someone is faced with bad credit, should be to determine the accuracy of the credit listing.

    Savingsguide.com.au published a great article on bad credit loans in Australia, titled A Guide To Loans For People With Bad Credit.

    It features some pertinent advice about choosing a loan after being refused credit with a mainstream lender. It goes through the steps you may need to take to secure finance in Australia, and includes some final tips for securing a loan. The central tip is, prior to committing to a loan attempt to fix your bad credit issues first.

    “Loans for people with bad credit should really be a last resort, as opposed to the only option. See what you can do to repair your credit rating beforehand and hopefully begin looking for loans just as anyone else would,” Savingsguide.com.au’s Alex Wilson says.

    Australians should not put up with bad credit if it shouldn’t be there. Any credit listings which the individuals believe are inconsistent, unfair, or incorrect should be disputed.  Credit rating errors could be anything from the credit listing placed by the Credit Provider on the wrong credit file; to the basis of the credit listing being unfounded; to incorrect notices being provided; right through to system errors and incorrect spelling, to name a few examples.

    Creditors are bound by a large volume of legislation and codes of conduct to do with placing information on consumer credit files. These laws are in place to protect consumers from unfair and damaging credit reporting.

    Credit repair is a lengthy process, involving the review of all documentation from an individual – including the credit file and all the circumstances surrounding the default, writ or Judgment.

    The credit repairer will conduct an audit-like investigation of the circumstances surrounding the credit listing, noting any compliance issues which would deem the credit listing unlawful and require its removal from the credit file. If the credit listing has been placed unlawfully, then it should be removed.

    When an inconsistent credit listing is removed, it generally means the consumer is able to apply for mainstream credit – provided bad credit was the only item preventing finance approval.

    If you would like an assessment for your suitability for credit repair, talk to a consultant at MyCRA Credit Rating Repair on 1300 667 218 – they can assess how you might fare in removing bad credit before you commit to any bad credit loan in Australia. Do bear in mind – there are some credit listings which MyCRA cannot remove from your credit file, including Bankruptcies.

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